This home was an estate home. The Heirs had been advised to renovate the home to get it ready to sell and had spent quite a bit of time making repairs but were tired of fixing things.
As things go, this was an ok house to fill in between other houses in a short time frame. Did we make a lot of money? No, but we did make money.
This was a 3 bedroom 1 bath home with the garage finished into a living room. Lots of hardwoods in the main part of the house and the basement was framed and paneled. We refinished the hardwoods, rebuilt a basement 1/2 bath, did some painting, carpeted the basement and rearranged the kitchen cabinets.
One of the key things that we did on the rehab was create a movable wall for the stairs to the basement. Look at the stairs in the photos. Before the stair was open on one side that would not meet code. After there is a slat wall. With the wall up there is virtually no way to get furniture in the basement, take down that wall and instant access.
The numbers:
- Purchase Price: $92,500
- Renovations: $14,463
- Holding Costs: $624
- Settlement Costs: $9,831 including real estate commissions
- Hold Time $104 Days
- Net Profit $2,705
Note we are our own listing agents so we did make real estate commission on this one too. And it is important to note that on the not so good deals, like this one that while there was not a huge profit, there was not a great loss either.